BUT, if I were to close off one of the 3 emulsion holes, what would that do? I assume it would put less air in the fuel and it would run richer? Am I even close.
It might have no effect on the idle circuit, but yes it should go richer in the upper rpms.
It may also delay the start of the mains, creating a lean transition.
The air bleeding into the main well lowers the overall density of the fluid mixture. So sometimes enlarging the main bleed brings in more fuel earlier - which shows up as richer AFR.
Going from very small or no bleeds to ideal size bleeds will do the same.
That's what this fig 11-11 from Obert shows.
Yellow highlights the start up with too little or no e-holes, and then that would also mean the main air bleed can't compensate for increasing draw at highest flows.